Over the last seven weeks, Bitcoin has maintained a downtrend. We will review the price analysis for Bitcoin and other cryptocurrencies such as XRP, PI, and SOL, as well as their key support and resistance levels.
Bitcoin BTC - Price Analysis
Bitcoin price closed below the 200-day moving average on March 9, indicating increased selling pressure. This pushed the price down to $76,600 on March 11. Buyers are attempting to regain the $82,500 level, but face resistance at the 200-day moving average. If the $76,000 support zone holds, a move towards the 20-day moving average at $87,735 is possible.
Ripple XRP - Price Analysis
The XRP/USDT chart has formed a descending triangle, highlighting the advantage of the bears. A break of the $2 support level might lead the price to $1.62. However, a bullish reversal towards $2.35 (20-day moving average) seems imminent. Breaking and holding this level could lead to a breakthrough of the upper triangle trendline.
Pi Network PI - Price Analysis
Following its recent launch, the PI/USDT pair has shown strength. The price has broken through the upper trendline of the symmetric triangle, indicating upward momentum. Buyers aim to reach the $2 level and potentially set a new all-time high.
Solana SOL - Price Analysis
Solana has been in a downtrend since January, having retraced to its strong support zone of $110-120. Bullish sentiment could push the price to $144 and $184 levels. If this support level fails, the SOL/USDT pair might fall to $80.
The analysis indicates mixed prospects for major cryptocurrencies: while short-term movements remain volatile, their long-term potential persists. Investors should closely monitor key support and resistance levels to make informed decisions.
